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200602366 of Borrower's covenants anet agrl'JeuJents undl!:r tllis Security Jl;1strumenl and the Note. For this purpose, Borrower .irrevocably grants and conveys (0 the Trustee, in tru~t. with pOWEll:' of sale, the following dc~crjbed property located in HALL Count}', Nebraska: LO'.l' TEN (10). :IN BLOCK EIGll:t' (8), nt WALLICHJ S ADDITION TO Tim CITY OF GRAND ISLMn, HAL~ COtJI.il'TY. NEBRASKA THIS IS A PURCHASB MONEy SRCUR:tTY I:NSTR.t1MEm. TAX STATEMENTS SHOULD BE SEN'r '1'0. WELLS "ARGO HOMS MOR'I'GA,G2, P . o. BOX 173 3 9, BALTIMORE, MD 212971J39 which h.asthe address of 1104 Vi 7TH, GRAND ISLAmJ [Street. City], Nebraska EiSSOl rZip Codel ("Property Address"); TOGETHER WITH aU the improvements now or hereaftl!ir erected on the property. and all eas~ment.s, appurtenances and fj"turcs nQw or herl!:after a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this SCL'1lrity Instrument as the "Property." BORROWER COVENANTS that aOITower is la.wfully seized of the estate hefEby conveyed ..nd has th~ right to ,grant and convey the Property aod tbat the ~:roperty l~ unencumbered, except for e:l;1cumbranc~ of record. Borrower warrants and will dl;lfend generally the tid!:! to the Property against all clairus and demands, subject to any enc\lmbrances of record. THIS SECUkITY INSTRUMENT combines uniform covenants for national use and non-uniform COVctl~mts with limited variatiolls by jurisdiction to constitute a uniform seeurity instrument covering real property. BQXTOWer and Lender COvenant and agree as follows: UNIFOR.M COVENANTS. 1. Payment or Prim:ipa)t ITJtcrest and Late Cbuge. BOITower shall pay when due the principal of, and interest on, Ille debt evidenced by the Note and late charges due under tbe Note. 2. Monthly Payment of Taxes, lnsuran~l! .tlnd Oth~ Charges. Borrower shall induce in ~ach monthly payment, together with the principal and interest as set forth in the Note and ~ny late charges, a SUtil for (a) taxes and specil,ll assessments levied or to be le'fjt;:d against the Propt;:rty, (b) leasehold payment~ or ground rents On the Property, and (c) premiwn~ for insurance required under paragraph 4, In any year in which the Lender must pay a mongage insurance premium to the Secretary of .Iousing and Urban Development ("Secretary"), or in any year in which such premium would have been required if Lender still held the Secu:r;Uy Instrument, each montbly pOlyment shall also include either: (i) 3. sl.Im for the annual mortgage jnsur~ee premiwn to be paid by Lender to the Sl!!cretary , Of (il) a monthly charge in$te<lQ of a mortgage iD::;urancc premium if this Security Instrnm~t is held by the Sec:rl;!tary t jlJ, a reasonable amount to be detennined by the Secrerary. Except for the monthly charge by the Secretary. these items are called "Escrow Items" and the sums ~aid to Lender are called "EScTOW Funds." . Lender may, at any time, collect and hold amounts for Escrow Items in an a.ggregate 3.mount not to exceed the m~imum amount that may be required for Borrower's eScrow aCCOUnt under the Real Estate Settlement Procedures Act of 1974, 12 U .S.c. Section 2601 et seq. and implementing regulations. 24 CFR Pan 3500, as they may be am4!:nded from time lO time ("RESPA"), except lhat the cushion or reserve permHted by RESPA for unanticipated djsbursements or disbursements before the Borrower's payment'! ate available in the account may not be b<lsed on amounl:$ due for the monglllge insurance premium. ~4R!NE;llt~1' Pag. 2 or e ,n't,~",:f L-: - 03/15/2006 8:43AM (GMT-06:00)